Sorry to kick up old posts but this issue still plagues the Flash community regardless. I got curious about permissions issues and decided to elevate the program after trying the above mentioned steps. Though they may have work for others I was in the camp that it did not work for. If running any versions of Flash CS4-6, go to your shortcut and right click on it. Select properties>Compatibility tab and place a check in the "Run this program as an administrator" box at the bottom of the sub window. Click Apply then ok. Now open the program via the shortcut. You will get a "User Account Control" prompt in Window 7, select yes. Flash should now initialize with out the runtime error.